Here are 10 things you should know for Monday, July 14:
1. -- U.S. stock futures were rising Monday ahead of earnings from Citigroup (C) and the expected announcement of a $7 billion deal between the bank and the Justice Department over shoddy mortgages.
European stocks rose on Monday after last week's fears over the health of Portugal's Banco Espirito Santo were put to one side and investors focused on more upbeat company news.
Asian stocks ended the session higher.
2. -- The economic calendar in the U.S. on Monday is bare.
3. -- U.S. stocks on Friday closed with slight gains. The Dow Jones Industrial Average rose 0.17% to finish at 16,943.58. The S&P 500 added 0.15% to 1,967.55. The Nasdaq climbed 0.44% to 4,415.49.
4. -- Citigroup is forecast by analysts to report on Monday second-quarter earnings of $1.05 a share on revenue of $18.93 billion.
The bank and U.S. authorities will announce a $7 billion agreement as soon as Monday to end probes of the bank's sales of mortgage-backed bonds, Bloomberg reported, citing a person with direct knowledge of the matter.
The deal, signed over the weekend, requires the firm to pay $4 billion to the Justice Department, about $300 million to state attorneys general and about $200 million to the Federal Deposit Insurance Corp., and to provide $2.5 billion in relief for consumers, the person told Bloomberg. The settlement includes a statement of facts, outlining the allegations, the person said.
5. -- Shire (SHPG), the Dublin-based drugmaker, said Monday it would be willing to recommend to its shareholders a new $53 billion takeover bid from AbbVie (ABBV), the fifth offer the U.S. drug giant has made to Shire.
Abbvie's new offer of 53.20 pounds a share was made on Sunday. It tops AbbVie's last bid of 51.15 pounds a share.
If the deal goes through, AbbVie plan to base the combined company in the U.K to benefit from the lower corporate tax rate in the U.K.
6. -- Wall Street expects American Airlines (AAL), the world's biggest airline, to report second-quarter earnings of $1.92 a share on revenue of $11.31 billion.
7. -- Lindt, the Swiss chocolate maker, said it's buying U.S. manufacturer Russell Stover Candies for an undisclosed sum.
Lindt said the deal would make it the No. 3 chocolate manufacturer in North America.
Russell Stover, which also owns the Whitman's brand, is based in Kansas City, Missouri, and has four factories -- in Kansas, Texas and Colorado.
It has about 2,700 employees and annual sales of around $500 million.
8. -- Whiting Petroleum (WLL) is buying Kodiak Oil & Gas (KOG) for $3.8 billion in stock and the assumption of $2.2 billion in debt, in a deal that will make it the largest producer in the booming Bakken region of North Dakota and Montana.
The combined company had more 107,000 barrels of oil equivalent production per day in the first quarter.
9. -- Samsung, the world's biggest smartphone maker, said it has suspended business ties with a Chinese supplier that allegedly hired children.
The South Korean company said in its blog Monday that it had found possible evidence of child labor and illegal hiring at Dongguan Shinyang Electronics.
Samsung said last week it would urgently look into the Chinese supplier following a New York-based watchdog's report that it hired at least five children under the age of 16.
10. -- Germany scored in the 113th minute of Sunday's World Cup final to beat Argentina, 1-0.
It was Germany's fourth title but it's first as a unified nation.
-- Written by Joseph Woelfel
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